Every individual or organization is keen to build a perfect marketing strategy to reach out to specific audience that concern them with optimized methodologies.
But we find many being not able to do so despite having a good product or service and demand. So, we really need to ask ourselves that do we really know where our focus should lie while carrying out a marketing funnel or it might be the case that we may miss out a few fundamental laws that apply to any marketing strategy.
In this article, I specify few thoughts that describe the fundamental law every aspiring marketer must know to exploit maximum output one desires.
Understanding Customer Psychology
The foremost thing we need to keep in mind is that marketing is all about understanding how human psychology works. It’s not always the case that if we can present something new to people they will get attracted. It’s a science that if we can catch, we have a great deal in the future. So, lets dig into what this science is..
At first, we must have high goals and must convince ourselves that we are capable and ready to achieve that. Often due to environmental conditioning, we might thing that this so and so goal is very difficult to achieve, for example we may think generating 1 Crore revenue is something too difficult to have, but if we can make 100000 customers to buy a product worth 100Rs, we find that feasible, also if we sell a product worth 1000Rs to 10000 customers, that also seems achievable. This is how a funnel works, if we acquire 100000 customers that buy a product of 100Rs, they can act as leads for a product worth 1000Rs and we only need to convert 10% of already acquired leads without spending on acquisition cost but generating the same revenue of 1 Crore.
Now, let us look at the lifespan of a marketing strategy, marketing should start even before the product is launched, moreover the product or service we provide should be based on the needs and psychology of customers. Once we sell something, we must also keep in mind whether we deliver the right message, to the right person, at the right time. Once the product is sold, marketing does not comes to an end, we need to continue our relationship with the customers that we have acquired spending time and money, until a situation when our brand becomes a word of mouth for all of them. This is the sole objective of any marketing strategy, because people like our brand, when they listen from others rather than us.
Every entrepreneur should aspire to be a good marketer before having any other skill as this skill is rooted to the psychology of people which can’t be replaced by any upcoming technology. If you know how to sell to people, you will never find yourself devoid of money or a rewarding career in the future times to come. Communication skills play a key role in marketing, if you can communicate well your thoughts and ideas to people that concern you, you will obviously convert the person into a lead.
Keeping Updated with Global Economics and Modes of Marketing
If we look at the various channels of marketing, we will discover that digital marketing is emerging as the leading channel to market to people of the top English speaking class, with annual income above 5 Lakhs, if we look at India. Understanding the financial conditions globally will give you insights of the buying patterns of your customers. Knowing how cash flows between various bodies and consumers can enable you to predict consumer behavior and accordingly create your marketing strategy. Focusing back to India, India has about 25 Million customers as online shoppers alone. Wealth concentration in India is in hands of 110 Million people. So, India can serve as a huge market with a young population.
Understanding how debt creates money, how economy of a country varies with it’s average age and what changes recession can bring about are essential components one should know as a marketer.
This brings us to a position to ask whether traditional marketing is better or digital. The answer to this solely lies in what type of product or service you are providing, if you have a more generic product with a wide targeted audience, running TV Ads would prove to be a better deal, if you provide a product or service to the more wealthy section of English speaking class, digital marketing is a better option. TV has a reach of about 800 Million people across India and newspapers, of about 465 Million. So, it’s not that traditional means are in any way inferior to digital means. You only need to understand what type of people use what media and run your marketing campaign according to the type of customers you want to target. The demographics, psychographics and social variations usually differ in different medias of marketing.
Though traditional marketing might seem to be a good option, there are a few disadvantages to it that is making marketers get more attracted toward the digital medium. Traditional means does not allow deep marketing, that is, you cannot filter customers based on their demographics and psychographics so that your advertisement reaches the right person, minimizing cost and optimizing your ad to the specific person. You cannot engage in personalized communication with your customer as well, which otherwise would have played as a key role in building trust. You can neither perform direct response marketing through traditional means. Digital medium provides with the facility of direct sales and response, you can track your customer, how many clicks you got on your ad, what type of people viewed your product or service, what format of ad works better through A/B testing, and a lot more. You can provide links to purchase your product, design lead forms, have feedback through reviews and comments, and the list goes on. These factors have attracted more and more marketers to take to digital marketing.
Analyzing How Marketing Funnel Works
Marketing funnel is a vital part of any campaign, the example of making ! Crore discussed earlier can be extended to demonstrate how a funnel works, suppose you invested 1 Crore to acquire 100000 customers and sold them product worth 100 Rs, now you can further sell a product of 1000 Rs to only 10 of already acquired leads and that will return you your 1 Crore as well as give you an additional 1 Crore without any investment. You can go further by selling to 1000 leads a product worth Rs 10000 and so on.
But before starting any service and marketing it, we need to select a niche. it is optimum to select a niche with not much wide audience, not too narrow. One thing that you must keep in mind is, it is better to “be the only one instead of the best one” , so initially select your niche where competition is low or about to grow, but how to select a niche that best suits you?
You can select any niche which lies in the intersection of your passion, your talent and the one which the market demands, you can well understand if you niche is devoid of any of these, you would probably find it difficult to get along with that niche. Another important thing to remember is it’s better to focus on one single niche rather than a multiple niches. Once your niche s saturated, you can add other relative niches, but in the beginning only if you go for multiple niches, you will get diluted and it would become difficult for you to get attention in the market.
Now that we have selected a niche, we are going to look at something called the CATT funnel. This can be better understood with an equation :
Wealth = Niche^CATT
where C stands for Content, A for Attention, T for Trust and another T for Transaction. This is the structure of a marketing funnel. So let’s get down with Content, content is something around which your whole marketing ids based, after all it’s the content which will attract and retain your audience. If your content is of high quality, it will sell itself. You can deliver content through various means like Blog posts, Videos and Courses, Live Webinars, lead magnets and many more. Your prime focus should be that your content is engaging and adds value to your audience, you can trach these through various modes of feedbacks. Content is the king, if your content is not good, whatever strategy you may adopt, it won’t work. So, make sure your content is of high quality.
Next comes Attention, only creating engaging content will not yield you anything unless your audience comes to know about and becomes aware of that. Your quality content will only remain hidden unless you make people aware of that, you can adopt various means like SEO, Social Media marketing, Paid Advertisements, Referrals, etc to reach out to people. We will discuss these methods in detail in another post as they are a huge topic in themselves.
T stands for Trust, trust is something that everyone is looking for and very rare in it’s availability. So, you should try your best to build trust in your audience. People listening about you from other’s mouth instead of yours makes it a lot more effective, and that will happen only if you are able to build sufficient trust amongst your existing audience. This will enhance the process of getting new audience and retaining the existing ones. You can achieve this through something called as deep marketing, which is a personalized approach to each customer. We will discuss deep marketing in a while in detail. Marketing automation can be achieved by building trust in the audience. You should also go for retargeting that will act as an aid for the same.
The last T stands for transaction, ultimately you are dong so much hardwork to generate revenue and make profits. So, transaction is the last goal of any funnel, but transaction should be achieved through natural sales method. This means that you shouldn’t force anyone through some tricks to make sales. You should generate enough trust and persuade your customers that they should be assured that this exchange is a great deal for them. They should naturally be willing to buy from you. Now, this CATT mode is added as a power of Niche in the formulae as you will work on the CATT model based on your niche and your wealth will be proportional, accordingly.
Adopting To Integrated Digital Marketing
Now, what does integrated digital marketing mean?
Well, digital marketing has various means to reach out to people. Many digital marketers may focus on only one or a few means and stick to it. Then they complain that it doesn’t work. Integrated digital marketing is about creating a system of all the means, where one complements the other and together they function as a whole machine that generates leads.
As we can observe, Paid advertising can speed up the process of reaching out to people, from where they get redirected to your content, you don’t sell directly on paid Ads which is a mistake many marketers do. Then you promise your free content for their email and they get added to your email listing. You start building trust by delivering engaging content regularly via email marketing. You also perform SEO and Social media marketing to attract people to your content and eventually add them to your email list. Then through email you make sales by directing them to the sales page after building trust through your content. This forms a complete machine where one complements the other and forms a system to reach the goal of sales.
This process enhances marketing to a great extent and the results seem to bbe highly rewarding.
Focusing on Personal Branding
There are many examples, proving that personal branding acts aa a stepping stone to success. You can perform deep marketing that we talked about earlier and get into personalized communication with your clients.
The power of personal branding is immense. After all, the people that we are trying to reach are persons, and naturally they would like personal communication rather than an impersonal brand interacting with them. Personal branding increases trust amongst people and puts you to an authoritative position. People remember personalities rather that brand logos. You become someone to trust upon in the eyes of people. Once you develop a personal brand, you have the flexibility to start multiple brand and people will still recognize your brand as they already trust you, saving you the time and money to attain that. If you present yourself as a brand, them you only become the service. Of course, you need to have a company so that people can see you as an authority, but when you become someone to trust and rely upon for the people, you already have a following and can easily generate leads.
Now, the question arises that how I create my own personal branding?
You need to follow a cycle of learning a skill, Working and gaining experience on what you learned, Telling to people and advising them on the field with your knowledge and experience, one to one consulting, one to many mentoring and in the end creating your own startup. Learning should be followed by the process of understanding, executing and practicing. Skipping any of these mentioned steps would be discouraged, for instance, if you learn some new skill and directly start advising to people without experience, it won’t work because you would be only left with factual knowledge . Experience is the actual knowledge which will make you have a deeper understanding of your skill. Eventually when you work on your skills and master it, you can go for consulting. Before that you can increase your experience through freelancing. Consulting can be followed by mentoring as it is a one to many service rather than one to one interaction. You will impact many people instead of one that that will take you to a whole new level.
After that, you are in a position to go for a startup when you have enough knowledge and experience on that field.
So these were the top 5 fundamentals, every marketer must consider before going for a marketing campaign. Let’s summarize what we discussed..
First, we must understand the psychology of our customers and how will they react in what manner with a key fundamentals of how, when and whom to approach, then we had a look at the importance of understanding global and Indian economics and how that is of concern to marketers like us. After that, we saw the various modes of traditional as well as digital marketing with their respective pros and cons. We also understood working of a funnel through the CATT model. The results integrated digital marketing could bring about was phenomenal. At last, we recognized the importance of personal branding and the advantages of the same.